For FY14, Kotak Mahindra Bank reported higher net profit of Rs1,503 crore on 16% growth in its net interest income
Kotak Mahindra Bank, India’s fourth largest private sector lender, reported a 10% increase in its full year net profit mainly on rise in its net interest income (NII) and total revenues.
For the 12 months to end-March, Kotak Mahindra Bank said its stand alone net profit increased 10% to Rs1,503 crore from Rs1,361 crore, while its total revenues, including interest income, grew 10.47% to Rs10,167 crore from Rs9,203 crore, a year ago period.
During FY14, the private sector lender said, its NII increased 16% to Rs3,720 crore from Rs3,206 crore of FY13. Its net interest margin (NIM) stood at 4.90% from 4.65%, a year ago period.
Kotak Mahindra Bank has made 65% more provisions during FY14 to Rs304.70 crore from Rs184.55 crore a year ago period. As on 31 March 2014, its provision coverage ratio on non-performing assets (NPAs) stood at 55.5%.
As on 31 March 2014, total advances of Kotak Mahindra Bank increased 9% to Rs53,028 crore compared with Rs48,469 crore, a year ago period. Its total deposits, during the year, increased 16% to Rs59,072 crore and saving account deposits grew 39% to Rs10,087 crore compared with same period a year ago, while its current and saving accounts (CASA) stood at Rs18,828 crore from Rs14,918 crore.
Kotak Mahindra Bank's capital adequacy ratio (CAR) stood at 18.83%, gross non performing assets ratio (GNPAs) stood at 1.98% (Rs1,059.44 crore). Its net non-performing assets stood at 1.08% (Rs573.56) as on 31st March 2014.
For the quarter to end-March, the lender said its stand alone net profit fell 6.66% to Rs407.18 crore from Rs436.21 crore, while its total revenues, including interest income, declined marginally (0.75%) to Rs2,552.96 crore from Rs2,572.23 crore, same period last year.
As on 31 March 2014, the Kotak Mahindra Bank's total number of branches and ATM network stood at 605 and 1,103 respectively.
Kotak Mahindra Bank declared a dividend of Re0.80 per share.
Kotak Mahindra Bank shares closed Wednesday marginally down at Rs803.20 on the BSE, while the 30-share Sensex ended the day flat at 22,417.
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